Quote:
Originally Posted by vintageogauge
That's not bad, about 1/3 of them leased in a short period of time, they just recently completed the last phase. If they didn't feel these were a sound business decision they would not go forward with them. Build them and they will come. Right around the corner on 44A there are several hundred more apartments along with condos and single family homes being built that are not part of TV but will be very near to the square and will help the restaurants and businesses in the Brownwood area.
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Actually that is not good at all. 1/3 rented after a year? Yes, young people on the outskirts of The Villages like apartments because they haven’t saved enough for a down payment or they aren’t sure where they will live long term. The question is whether the type of people who like The Villages set up want to live in apartments in their senior years? Many Villagers are good middle class people who have amassed sizable nest eggs from saving their money and owning their own home. They are smart enough to know that $2500 a month rent works out to $30,000 a year. You can buy a home in the Villages for less than that. Plus you will see an equity increase in the value of your home. In just 5 years an apartment dweller will have paid $150,000 in rent and show no equity increase, just expenses. I wonder if there is a market for apartment renters in The Villagers. Would you rent one? Wealthy people on the coasts of Florida with high disposable income might be a better target audience rather than the average, middle American Villagers, in my opinion. We will know soon.